Babcock joint venture secures MOD contract
Babcock’s joint venture with Lockheed Martin, Ascent Flight Training, has been awarded a contract by the Ministry of Defence to deliver the rotary wing element of the UK Military Flying Training System (UKMFTS).
Babcock International Group
498.20p
17:15 19/09/24
FTSE 100
8,328.72
16:34 19/09/24
FTSE 350
4,600.84
17:09 19/09/24
FTSE All-Share
4,556.59
16:59 19/09/24
Support Services
11,516.89
17:09 19/09/24
The engineering support services group said the total revenue value of the contract – which includes the delivery of Airbus H135 and H145 training aircraft and the installation of new infrastructure and ground-based equipment – will be around £0.4bn.
Chief executive Peter Rogers said: “Today's announcement secures the future of rotary wing flight training for the UK's Armed Forces. It also marks the placement of contracts by the MOD worth a total of £2.8bn to deliver all four core training elements of UKMFTS."
Ascent is a 50/50 joint venture between Babcock and Lockheed Martin, responsible for delivering the UKMFTS through to 2033, in partnership with the MOD.
At 0818 BST, shares were up 0.6% to 985.50p.